The board of directors of Mazeikiu Nafta approved a final variant of the agreement on purchasing a 26.85 percent block of shares in the company by YUKOS, the press service of the Lithuanian company reported. The deal amounts to some $75m. US based Williams has the same share in the Lithuanian oil company. A 40.66 percent stake belongs to the Lithuanian government.
The contract envisages that YUKOS will provide oil supplies to the Mazeikiu oil refinery in the next 10 years totaling 35m barrels of oil annually.
In April 2002 an international consortium that included YUKOS and Williams agreed to participate in the authorized capital of Mazeikiu Nafta and to export Russian oil to the Mazeikiu oil refinery. Mazeikiu Nafta's shareholders approved the deal on April 30. The republican government adopted a positive decision on the contract in May.
Mazeikiu Nafta includes the Mazeikiu oil refinery, an oil terminal in Butinge and the Birzaiski oil pipeline.